The stage is set for those with investment dollars to spare: income properties — including rentable Kenai Peninsula vacation homes – are still being offered at discount prices. At this point, the fire sale psychology has been pretty well hosed down, but…
Despite the evidence of an improving market, the recovery is from such a deep downturn that, stacked up beside historical levels, real bargains are still out there. Add in the fact that recent pronouncements from Washington indicate that a lid is firmly in place on those extremely attractive mortgage rates, and it’s clear why investors are likely to continue on course to match or beat last year’s 7% growth in vacation home sales.
However, buying a second home as an investment is just that: a business proposition. The cash in, cash out projections may be simple to estimate, but experienced investors know that, as with any business, realistic operating costs need to be factored in. Taking some of the guesswork out of that can mean better risk management for that new “business” – and one way to accomplish that is to consider using a professional local property manager to look after things.
The first reason is immediately obvious: when it comes to renting out a vacation or other property, there are always going to be emergency calls from the tenant. By using a local property manager, you can ensure that you are not inconvenienced by any 2 a.m. calls…and that all emergencies are handled professionally.
If you live far away from the property or travel often, there is another plus: sheer logistics. Instead of being faced with going to the property to meet new people staying there, mailing the keys, or finding another way to turn over occupancy, a property manager can be here in the Kenai Peninsula area to welcome tenants and walk them through. Let’s face it: when a living, breathing person is present and in authority, tenants act more responsibly. How valuable is that? If peace of mind is an issue, very!
There is another considerable value a property manager can offer: marketing services. If you choose one with a website that is already search engine optimized, that means far less work for you. Increasing the number of people who see your rental cannot help but boost the odds that you will see more income from your local investment.
Before you go ahead and choose an investment property and property manager in the area, do take the opportunity to consult with a real estate professional to go over the current options. If you choose me, I will do my best to help get more for your money. Since the stage is set, if you are ready to investigate, this could be the right time to further your investment potential!